Today, the Supreme Court ruled that Donald Trump’s removal of Lisa Cook from the Federal Reserve Board was illegal and unconstitutional. Trump tried to fire Cook in August, baselessly alleging that she committed mortgage fraud, the first time a president has tried to fire a Fed governor in the board’s 100+ year history.
In response, DNC Chair Ken Martin released the following statement:
“Today’s ruling from the Supreme Court is a check on Donald Trump’s power grab and a victory for the independence of the Federal Reserve. Time and again, Trump has tried to use the Fed as a scapegoat to deflect from his disastrous economy, as his reckless tariffs and his deadly and costly war with Iran send prices through the roof. Even Republicans know that undermining the independence of the Fed is a dangerous overreach that puts our entire economy at risk. Trump should be focused on the financial security of working families, not his own political agenda.”
Trump has consistently undermined the independence of the Fed, risking the stability of the U.S. economy. At Trump’s urging, his Department of Justice opened a politically motivated investigation into Jerome Powell while he served as Fed Chair. Trump’s attempts to undermine the Fed’s independence received bipartisan criticism and could have serious consequences for the global financial system.
